Dak Lak Secures $40 Billion in Investment Pledges for Energy, Real Estate

Dak Lak province has secured investment commitments totaling nearly $40 billion, following an investment promotion conference held on June 27. The provincial People’s Committee granted approval decisions for 25 projects with a combined registered capital exceeding $1.54 billion and signed memoranda of understanding for 78 other ventures valued at over $38.46 billion. The event also served to announce the province's new master plan.

The approved projects span renewable energy, industrial infrastructure, and residential development. Among the most significant is the Srepok 3 floating solar power plant, a $294.62 million venture by Srepok 3 Solar Power JSC. The project will have a capacity of 304 MW and cover 361 hectares.

In industrial development, Transport Engineering Construction Corporation No.5 – JSC (Cienco 5) received in-principle approval for the $180.77 million Hoa Xuan Tay Industrial Park. Separately, Capella Quang Nam JSC will develop the infrastructure for the Hoa Xuan Dong Industrial Park with a total capital of $146.54 million.

The renewable energy sector saw further approvals, including a $147.69 million wind power venture by a consortium of Thai Binh Duong Group JSC and Thuan Phong Energy Investment & Development JSC. Additionally, Hoa Binh Energy Investment Group JSC and Nguyen Thao Wind Power JSC received approval for the NT1 and NT2 wind power projects, with a combined investment of $146.54 million.

Residential projects also featured prominently. Cloud Land JSC will construct a social housing project in An Phu commune, Tuy Hoa city, with an investment of $99.23 million, while the Viet An Phu joint venture will invest $51.15 million in a new rural residential area in Hoa Thang commune, Buon Ma Thuot city.

The memoranda of understanding signal a larger wave of potential future investment. Xuan Thien Group is exploring the development of wind and solar power projects with a combined capacity of 5,000 MW. The group is also considering a high-tech livestock complex integrated with renewable energy, with an estimated investment of $7.38 billion.

VinEnergo has outlined plans to research renewable energy initiatives totaling approximately 6 GW of capacity, valued at $4.67 billion. T&T Group is eyeing a portfolio of projects worth $4.41 billion, including a mixed-use urban area at the eastern gateway of Buon Ma Thuot, a green and smart urban area in western Tuy Hoa city, and a renewable energy venture.

BIN Corporation expressed interest in developing infrastructure for the Hoa Thanh Industrial Park in the South Phu Yen Economic Zone and an AI data centre complex powered by renewable energy, with a total proposed investment of nearly $2.09 billion. FLC Group also signed an MoU for investments in urban real estate, tourism, and renewable energy, with a total capital of $961.54 million.

These investment activities follow Dak Lak's merger with Phu Yen last year, which expanded its territory and development potential. The province possesses a large land bank and abundant resources, positioning it for growth in high-tech agriculture, renewable energy, processing industries, logistics, and tourism. According to its master plan to 2030, with a vision towards 2050, Dak Lak aims to become a regional hub for these key sectors within the Central Highlands.